ITC Bulding

Warrens has been the fastest developing commercial area on the island for the past 10 – 15 years and has become the preferred location for corporate entities to base their main office due to the preferred geographical location providing easy access to both the south and west coasts and ample parking available at each property. The Barbadian commercial market is characterized by a number of Central Business Districts (CBDs) including Bridgetown, Warrens, Collymore Rock, Wildey, Belleville and the South Coast area of Hastings & Worthing. Warrens is the most demanded area by clients seeking A-Class commercial space in the island which offers a total of approximately 1,000,000 sq. ft. of leasable area. The B & C-Class markets are notably larger and characterized by older and less traditional office buildings with smaller boutique offices and converted properties.

Warrens is surrounded by quality commercial spaces including two government buildings, a well-established car dealership, large supermarket and whole sale brands, international bank headquarters and more and more trendy eateries.

There has been significant growth in the A-Class segment with two large high-rise office buildings constructed in the Warrens area which were recently completed and are fully occupied. These buildings were both occupied by Government agencies and so this space was not absorbed by the general office market. An additional A-Class building has now also been fully occupied with quality tenants     

Rents in the A-Class commercial market average around $65/sq. ft. /year on a Triple Net basis with higher rents being achieved for the prime ground floor locations which are usually occupied by retail banks and carry extended leases. Typical tenant profiles for A-Class space are large multinationals, regional banking institutions, firms in the offshore sector and blue chip local corporate entities.  Common area maintenance (CAM) charges for A-Class office buildings tend to range from BBD$20 - $30/sq. ft. /year and depend on the level of services provided.  It is expected that availability in the A-Class segment will continue to be limited.